Assume that on JanuaryX Sanoma of Michigan purchased fixtures for $cash expecting the fixtures to remain in service for five years. Sanoma has depreciated the fixtures on a doubledecliningbalance basis, with $ estimated residual value. On October X Sanoma sold the fixtures for $ cash.
Requirement
Record both the depreciation expense on the fixtures for X and the sale of the fixtures. Apart from your journal entry, also show how to compute the gain or loss on Sanomas disposal of these fixtures.
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Part
Start by recording depreciation expense on the fixtures for XRecord debits first, then credits. Explanations are not required. Leave unused cells blank.
Journal Entry
Date
Accounts
Debit
Credit
Oct a doubledecliningbalance basis, with $ estimated residual value. On October Sanoma sold the fixtures for $ cash.
Requirement these fixtures.
Start by recording depreciation expense on the fixtures for XRecord debits first, then credits. Explanations are not required. Leave unused cells blank.
Date
